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Duterte prescribes ceiling for rising drug prices

By Gillian M. Cortez
Reporter

ERLINDA ANTONIO (not her real name), 57, commutes for two hours and waits in line to buy medicines for her benign breast tumor at the Philippine General Hospital in Manila, where drugs are sold for a fraction of their cost.

“It’s far from home but it’s cheaper here,” the Makati City resident said in an interview while waiting for her turn at the public drug store.

Drug prices in the Philippines are the second-most expensive in Southeast Asia, according to global health insurer Mercer Marsh Benefits in a 2019 report. Medicine prices rose 13.7% last year, it said.

President Rodrigo R. Duterte signed an order last month putting price controls on at least 86 drug molecules or 133 drug formulas.

Executive Order 104 covers all public and private retail outlets including drugstores, hospitals and hospital pharmacies, health maintenance organizations, convenience stores and supermarkets.

The order also regulates wholesale drug prices and covers all manufacturers, wholesalers, traders and distributors.

“No public or private entity shall be allowed to sell, reimburse, or demand from the public or patients payment in an amount higher than the maximum retail price or maximum wholesale price, as the case may be,” according to the directive.

Mr. Duterte’s order followed consultations between the Health department and pharmaceutical companies, medical professionals and patient’s groups.

Local health authorities have said medicine prices in the Philippines are unfairly high, and research and development won’t justify it.

On a global scale, the lack of transparency of companies in drug pricing has become a concern not only of governments but also of the World Health Organization (WHO).

“It is unacceptable that a country like the Philippines, which is not even a high-income country, will have medicines as expensive as those in European countries,” Anna Melissa S. Guerrero, head of the Health department’s Pharmaceutical Division, said at a briefing this month.

Proponents say the price cap has been long overdue, noting that a law mandating cheaper medicines had been in place since 2008. The rules enforcing the law were released four years later, effectively creating the Drug Price Advisory Council.

Then President Gloria Macapagal-Arroyo signed in 2009 an order putting a price cap on five medicines and 21 drug formulas, including antibiotics and those against hypertension, high cholesterol and cancer.

Mr. Duterte’s order expands that by also covering medicines for pain, the immune system, asthma, chronic pulmonary diseases, blood clots, vomiting, psoriasis, seborrhea, dry skin and depression.

Also covered are drugs for iron overload, growth hormone inhibitors, antivirals, mucolytic, intravenous nutritional products, phosphate binders and surfactants.

Health Secretary Francisco T. Duque III said at a briefing a day after the executive order was released that the drug price cap could ease the burden on nine of 10 Filipinos who buy medicines out of their own pockets.

But the Pharmaceutical and Healthcare Association of the Philippines (PHAP) warned that the price control would not benefit patients because it will distort prices and lead to even higher retail prices.

“The price distortion stems from the DoH formula that sets very low prices at the manufacturers’ level and yet mandates retailers to impose as much as 45% mark-up which, at present, generally does not reach that level, particularly with most outlets,” PHAP said in a statement.

The proposed scheme would, therefore, lead to either a price freeze or even higher drug prices at the patient level.

JOB LOSS
“This is like squeezing rice farmers but mandating retail prices to go up. The result is the farmers will not plant, and there will be a shortage. It will be the same with us,” PHAP Executive Director Teodoro B. Padilla said.

In a separate interview, Mr. Padilla noted that under the Universal Health Care Act of 2019, the government must subsidize patients’ medicine expenses. That could cost the state trillions of pesos, he added.

In lieu of a price cap, the local drug industry is batting for bulk buying and negotiations to keep prices down.

PHAP said the government should instead pool drug procurement and sell medicines in state hospitals.

Mr. Padilla said the price control imposed by Ms. Arroyo in 2009 had led to job losses after at least one drug maker left the country. He added that industry growth had slowed significantly and did not recover until a decade later.

The drug association noted that since drug makers cannot sell at a loss, the country will have to import medicine, which could be costlier.

“Some manufacturers might also have to review their operations here,” Mr. Padilla said after the price ceilings were announced.

“Price controls in pharmaceuticals do not work in normal times and only lead to market inefficiencies, and the best proof is that many countries, like China, which tried price controls and other interventions, went back to free-market solutions for medicines,” he said.

Mr. Padilla said the industry is wrongly accused of pricing too high and earning too much profit, adding that local prices are at par with regional peers.

Fitch Solutions Macro Research last month said the price controls would be positive for the market in the long term but was likely to threaten the operations of multinational drug makers, whose business models are based on expensive medicines under patent protection.

The price controls could also restrict the growth of the pharmaceutical market in the short term, it added.

“Pressure on pharmaceutical prices will continue to threaten the operations of multinational drug makers in the Philippines,” Fitch Solutions said in a report.

“The introduction of a maximum retail price scheme will exacerbate a tough environment, with price controls being applied at all stages of the supply chain,” it added.

US researchers in 2008 said imposing European-style price controls on prescription drugs there would result in modest cost savings that would be more than offset by shortened life spans as the pace of drug innovation slows.

Mr. Duterte probably wanted to balance the interests of both consumers and the pharmaceutical industry in his decision to impose price controls, Ramon C. Casiple, executive director of the Institute for Political and Electoral Reform, said by telephone. “It was probably a win-win solution.”

PECO moves to stop takeover of power assets

By Vann Marlo M. Villegas, Reporter

PANAY ELECTRIC Co., Inc. (PECO) has asked the Court of Appeals in Cebu to stop the take over of its power distribution assets in Iloilo City by MORE Electric and Power Corp. after a local court issued a writ of possession in favor of the Razon-led company.

“We also filed a petition for certiorari with the Court of Appeals-Visayas, questioning the order granting the writ of possession. We are taking all the remedies that we could,” said PECO legal counsel Estrella C. Elamparo said in a press conference on Tuesday in Manila.

She said the petition for a temporary order (TRO) was filed on Thursday last week to stop the writ of possession order issued by Iloilo Regional Trial Court Branch 23.

MORE, a company led by businessman Enrique K. Razon, Jr., has the franchise to distribute power in Iloilo City through Republic Act No. 11212, which was signed into law by President Rodrigo R. Duterte on Feb. 14, 2019.

PECO, which is led by a fifth generation member in the family business, held that right since 1923, but its application for franchise renewal, which expired on Jan. 19 last year, was denied by Congress.

Ms. Elamparo said PECO also filed a supplemental motion stating the events that transpired when the writ of possession was enforced.

“We reiterated our prayer for TRO on account of the gravity of the situation and to prevent further this possession,” she said.

Ms. Elamparo said that in the supplemental motion, PECO prayed for a status quo ante order or to maintain the “last peaceable status before the controversy erupted and that was when PECO was in complete possession.”

In its 26-page petition, PECO said proceedings of the expropriation case remain suspended as the suspension order has not been lifted.

Presiding Judge Daniel Antonio Gerardo Amular in November last year suspended the proceedings due to the pendency of the case with the Supreme Court (SC).

But Judge Emerald K. Requina-Contreras of Regional Trial Court Branch 23 issued an order on Jan. 16, 2020, saying the re-raffling of the case and Mr. Amular’s “voluntary inhibition” had deemed abandoned his earlier order to suspend the proceedings.

PECO maintained that voluntary inhibition and lifting of suspension order are “two different acts such that one cannot be simply inferred from the other.”

“Indeed, how could Judge Amular abandon his earlier order of suspension when no party even filed a motion for reconsideration or availed of other remedy to question the same. Truth be told, the said Order had become final because respondent MORE did not assail the same,” it said.

“Instead of moving for reconsideration of the suspension order, respondent MORE simply moved for the inhibition of then Judge Amular while publicly announcing the filing of an administrative complaint against the latter,” it added.

PECO also claimed that its right to due process was violated with the issuance of the court order despite the suspension of the proceedings.

Its right against equal protection and unlawful taking of property was also infringed as there is still a pending case with the Supreme Court questioning the constitutionality of some provisions of MORE’s franchise.

It also argued that there is a need for the TRO as this could prevent irreparable injury.

“Furthermore, the intended dispossession of petitioner’s properties will not just result in the loss of decades’ worth of investments in capital, personnel, technical equipment and offices; it will cause no less than the demise of petitioner because it will no longer have any business to speak of,” it said.

PECO earlier asked a Mandaluyong trial court to declare unconstitutional provisions in MORE’s franchise for infringing its right to due process and equal protection. Its petition was granted.

MORE raised the issue to SC, praying for a TRO on the ruling of the Mandaluyong court but was denied in the decision level. The SC en banc, on the other hand, granted the petition of MORE and issued a TRO. PECO filed a motion to lift the order.

Despite the Mandaluyong court’s ruling, MORE filed an expropriation case before the Iloilo court. Ms. Elamparo said six judges had handled the case but four of them had inhibited.

Before Mr. Amular’s inhibition, he suspended the expropriation case because of the pending case in the SC. Ms. Requina-Contreras issued the writ of possession on Feb. 20, 2020, which was the basis for MORE’s takeover of PECO’s assets last week.

“We were shocked when we received the order because there was a suspension order from the same Iloilo court and the case was also already with the SC,” Ms. Elamparo said in a statement, adding that PECO filed a motion to clarify the coverage of the writ the next day after it received the order.

MORE on Friday announced its takeover of PECO’s assets after the issuance of the writ of possession.

Ms. Elamparo then said the takeover was “highly irregular” because of the pending case in the high court.

In Iloilo City, Ms. Requina-Contreras has ordered the two companies to submit their respective transition timelines and stop releasing advertisements as well as statements to media that could damage and undermine the court.

In a two-page order dated March 2, the judge said that on Feb. 29, MORE announced through advertisements that it had started operating in Iloilo City and set that day as the electricity billing cut-off.

This means that the company started reading the meters of consumers on Saturday, which will be reflected in the next billing period.

Ms. Contreras, however, said MORE should wait until the expropriation case reaches final resolution.

“MORE already made announcements, on broadcast and social media that they are now in full operation of the distribution facilities of Iloilo City. MORE is therefore, ordered to REMOVE all the ads pertaining to its full operation pending the resolution of the foregoing,” she said.

The transition timeline should include turnover dates, accounting records, list of consumers, and other documents relating to resources and operations.

On the gag order, which was originally issued by Mr. Amular who later inhibited from the expropriation case, Ms. Contreras told PECO and MORE “not to resort to any form of propaganda that undermines the integrity and credibility of the court.”

She discussed at length the “malicious statements on air” of PECO legal counsel Ms. Elamparo about an “alleged meeting with the judge of a certain MORE personality the day before the writ was served, alluding to the court’s conspiracy with the Plaintiff.”

Ms. Contreras said the court would deal separately with Ms. Elamparo and her statement, which would not be taken against PECO in the pending case.

“Immune to this form of misbehavior of counsels, whenever the judgment is adverse to their client, undersigned is not dissuaded to further hear the case with utmost impartiality. The behavior of Atty. Elamparo will not be taken against PECO as it will be dealt with by the court accordingly,” the order read. — with Emme Rose S. Santiagudo

Hyundai car sales fall 27.6% amid ash fall, virus

HYUNDAI Asia Resources Inc. (HARI) vehicle sales dropped 27.6% in January as consumer demand fell because of the Taal Volcano ash fall and the new coronavirus (COVID-19) outbreak, the local distributor of the South Korean carmaker said on Tuesday.

Ma. Fe Perez-Agudo, HARI president and chief executive officer, said in a statement that the volcanic eruption and COVID-19 later in the review month “caused a temporary setback, dampening demand and supply chain disruptions, making 2020 a less resilient year.”

As a result, car sales in January fell to 2,046 units from 2,825 in the same month last year.

But given the Philippines’ stable economic fundamentals — a stable exchange rate, strong private consumption, lower inflation and interest rates, and robust public spending — the impact of these factors can be well-managed, the distributor said.

HARI said the Taal ash fall caused several automotive dealerships and facilities to close in the National Capital Region and Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) for several days.

The company said consumers has taken a conservative approach amid the COVID-19 epidemic and cut down on buying big-ticket items such as vehicles while staying at home.

Health safety precautions are being implemented in international and local ports, HARI said, and international shipping lines have reduced available seaborne vessels because of weak demand. The Hyundai distributor said these actions resulted in lower sales volumes as shipments were delayed.

In January, passenger car sales fell 33% to 967 units from 1,443 units a year earlier. Light commercial vehicle sales dropped 19.9% to 1,053 units from 1,315. But Hyundai H-100 light truck sales increased by 15.3%, the leader in its segment.

Commercial vehicle sales dropped 62.7% to 24 units from 65 a year earlier, but the company remains optimistic as it rolls out its Hyundai H-100 Modern Jeepney Class 1 and HD50S Modern Jeepney Class 2 to transport cooperatives nationwide. The Public Transport Alliance of Gensan has also ordered over 300 units of the HD50S Modern Jeepney Class 2.

The jeepneys, which Hyundai entered into with its participation in the government’s public utility vehicle modernization program, received certificates of compliance from the Department of Transportation last year.

Ms. Perez-Agudo said that HARI would work in the coming months to recover from the sales downturn.

“Hyundai has experienced several boom-bust cycles and disruptions in the industry but one thing has never changed — our unwavering commitment to provide quality vehicles, premium services, and worry-free ownership. We will work doubly hard to catch up in the next few months while rolling out new products and promos relevant to customers,” she said. — Jenina P. Ibañez

Cemex inks loan deal with two subsidiaries

CEMEX Holdings Philippines, Inc. has signed a loan facility with two of its subsidiaries using the proceeds from its recently concluded stock rights offering (SRO).

In a disclosure to the stock exchange yesterday, the cement manufacturer said it executed two revolving master loan facility agreements with Solid Cement Corp. and APO Cement Corp.

The agreement with Solid Cement covers a principal amount of up to P12.73 billion with an interest rate of 10.02% per annum, while the agreement with APO Cement is up to P2.54 billion with an 11.12% interest rate per annum.

Both deals are set to mature on March 3, 2027.

“The primary or principal source of funding of these facility agreements will be the proceeds of the recent SRO of Cemex, which are expected to be released subject to and following the listing of offer shares on the Philippine Stock Exchange scheduled on Mar. 4,” it said.

A revolving loan facility is a flexible type of loan that allows the borrower to borrow, repay and borrow again, as opposed to a term loan where the payment schedule is fixed.

Cemex said the proceeds Solid Cement will get from the agreement will be used to repay its outstanding debt to Cemex Asia, B.V., which was used to finance the construction of its new integrated cement line in Antipolo City, Rizal. The rest of the proceeds will be used for other general corporate purposes.

For the agreement with APO Cement, Cemex said the proceeds will be used to also repay its outstanding debt to Cemex Asia, B.V. and finance general corporate purposes.

Cemex raised P12.54 billion from its SRO last month after selling 8.29 billion common shares which will be listed at the stock exchange today.

The company is allocating P7.4 billion for capital expenditures (capex) this year, where P1 billion will be invested as maintenance capex and P6.4 billion will finance the expansion of its Solid Cement Plant in Rizal.

Cemex is the Philippine unit of Mexico-based Cemex S.A.B. de C.V., operating the Island and Rizal cement brands distributed in Luzon and the APO brand in Visayas and Mindanao.

Shares in Cemex at the stock exchange gained four centavos or 3.15% to P1.31 each on Tuesday. — Denise A. Valdez

Pryce Corp. hits target as income grows nearly 8%

PRYCE CORP. hit its target profits for 2019 as its consolidated net income grew 7.58% to P1.51 billion.

In a statement Tuesday, the listed company said its revenues last year climbed 3.5% to P10.63 billion, driven by the continuous demand for its liquefied petroleum gas (LPG) products.

Pryce is an importer and distributor of LPG, which it sells under the brand name PryceGas. This comprises 94% of the company’s total revenues, along with cylinders and accessories and LPG generation sets.

The company said the slow growth in revenues from its LPG business last year is due to the lower average international LPG contract price of $439.5 per metric ton. This is 19% down from 2018’s average of $540 per metric ton. “Normally, local LPG prices follow or reflect the international contract price of LPG,” it said.

Despite this, the company’s LPG sales volume rose 9% to 220,193 metric tons. Operations in Luzon saw a 9.69% growth in sales volume, while Visayas and Mindanao posted a combined growth of 8.35%. Pryce said this is reflective of the Department of Energy’s data that LPG demand in Luzon and Metro Manila is 79% of the country’s total, while Visayas and Mindanao account for the remaining 21%.

Other revenues streams of Pryce are from sales of industrial gases, real estate and pharmaceutical products.

“The company is optimistic about its prospects for 2020 on account of strong household incomes given steady overseas Filipino worker remittances and new job opportunities in a growing economy,” it said.

“This is a welcome environment for our company’s expansion projects. This will be complemented by vigorous marketing and sales efforts in order to widen the scope of our market and bring our LPG products closer to the consumers,” it added.

Shares in Pryce at the stock exchange increased 18 centavos or 3.83% to P4.88 each on Tuesday. — Denise A. Valdez

Manila Water discloses more details of Razon entry

MANILA WATER Co., Inc. has bared the details of Enrique K. Razon, Jr.’s P10.7-billion investment in the firm, which is still subject to compliance with regulatory requirements.

In a disclosure to the stock exchange yesterday, Manila Water said Mr. Razon’s Prime Metroline Holdings, Inc. will own 28% in the firm once it completes its acquisition of 820 million shares priced P13 each.

This would reduce Ayala Corp. (AC)’s ownership in Manila Water to 30% from 41% with 866.95 million shares, and the public ownership to 41% from 58% with 1.2 billion shares.

Foreign ownership of Manila Water would also shrink to 9.18% from 10.41% after the acquisition.

In the subscription agreement disclosed yesterday, Manila Water said the 820 million common shares of stock that Prime Metroline will be subscribing to represent 24.96% of the economic rights in Manila Water and 11.91% of its total number of outstanding shares.

Last month, AC announced the investment of Mr. Razon in Manila Water through a company he is yet to incorporate: Trident Water. In the meantime, his infrastructure company Prime Metroline will be the vehicle for the transaction.

The deal is subject to several conditions, such as the approval of at least two-thirds of its stockholders, approval of the Securities and Exchange Commission and clearance from the Philippine Competition Commission.

“The transaction is expected to bolster [Manila Water’s] ability to provide reliable, efficient and sustainable water and wastewater services in the East Zone and at the same time pursue growth initiatives both domestically and globally,” the company said.

“The Razon group brings with it its expansive global reach and business expertise; with operations in Asia Pacific, Latin America, Middle East and Africa” to Manila Water, it added.

Manila Water said the P13 per share subscription price is above the P10 minimum price of its shares. It is also higher than the 30-day volume weighted average per share of P8.95, the 60-day average of P9.38 per share, 90-day average of P9.77 per share and 1-year average of P12.03 per share.

It said the detailed work program and timetable of disbursements would be finalized by Manila Water before the financial closing of the subscription agreement.

Shares in Manila Water closed P11.94 each on Tuesday, down six centavos or 0.50%. — Denise A. Valdez

Gov’t fully awards bonds, opens tap facility on strong demand

THE TREASURY made a full award of the five-year bonds it offered on Tuesday. — BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bonds (T-bonds) it offered on Tuesday and even opened its tap facility following huge demand from investors amid the continued concerns on the coronavirus disease 2019 (COVID-19) outbreak.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the five-year T-bonds yesterday and opened the tap facility for another P10-billion offer as the auction was nearly three times oversubscribed, with total tenders reaching P83.511 billion.

The average rate for the papers dropped 20.9 basis points (bp) to 4.018% from the 4.227% fetched during the maiden issuance on Oct. 16.

At the secondary market on Tuesday, the five-year bonds were quoted at 4.094%, based on the PHP Bloomberg Valuation Service Reference Rates.

Deputy Treasurer Erwin D. Sta. Ana said the lower yields were largely driven by ongoing risk-off sentiment among investors due to the COVID-19 outbreak as well as hints of monetary easing at home and abroad meant to help cushion countries from the economic impact of the virus.

“[Investors flew] to safety because of risk-off sentiment and everybody wants to park their funds in safe assets and those are government papers. That’s why you can also see the US Treasuries declining, all other major markets’ government bonds are also going down,” Mr. Sta. Ana told reporters after the auction.

Socioeconomic Planning Secretary Ernesto M. Pernia said on Monday the country could see as much as a one-percentage point reduction in gross domestic product (GDP) growth this year if the outbreak persists until the end of the year.

The assessment was made based on a scenario where inbound Chinese tourists will be cut by 100% and foreign tourist arrivals will be reduced by 10%, while trade will be “drastically reduced.”

The Philippine government is targeting 6.5-7.5% GDP growth this year.

The virus has killed more than 3,000 people and infected over 90,000 across the globe, with majority of cases recorded in China.

The World Health Organization recently placed the risk and impact of the new disease, which is yet to have an antidote or vaccine, at a “very high” global level.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said last week another 25-bp rate cut is possible this year and that he will not “rule out” cuts worth 50 to 75 bps as the government seeks to cushion the economy from the adverse impact of the COVID-19 outbreak.

The Monetary Board trimmed key policy rates by 25 bps on Feb. 6, bringing the rate on the BSP’s reverse repurchase, overnight deposit and lending facilities to 3.75%, 3.25% and 4.25%, respectively.

Meanwhile, US Federal Reserve Chairman Jerome Powell earlier said the US central bank will “act as appropriate” to support the economy amid the challenges that the outbreak pose, according to Reuters.

Mr. Powell said they continue to monitor the events and their impact on the economy but assured that the “fundamentals of the US economy remain strong.”

Sought for comment, a bond trader said the result was expected since the auction was met with “good reception as expected as market searches for yield [and] safe haven.”

OFFSHORE BONDS
Meanwhile, Mr. Sta. Ana yesterday said the Treasury continues to monitor bond markets abroad for possible offshore issuances, which were initially planned to be done within the first half of the year.

“[That’s] the reason why we are trying to maximize the funding that we can derive out of the local market so we are not too pressured to actually raise funds offshore, given the bias for local funding. That opportunity (offshore) is always there but of course, in times like this, it’s kind of difficult to push…and issue offshore given the conditions,” the official said.

The BTr has set a P420-billion local borrowing program this quarter, broken down into P240 billion in Treasury bills and P180 billion via T-bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — B.M. Laforga

Concentrix to hire thousands as 45th site opens

CONCENTRIX Philippines officially unveiled its 45th site in the country on Tuesday as it targets to hire 5,000 to 6,000 more employees this year.

In a news conference at its new center at the Ayala North Exchange in Makati City on Tuesday, Concentrix Senior Vice-President and Philippines Country Leader Stephan Daoust said the company currently has approximately 90,000 employees.

“I expect that we will grow from 5,000 to 6,000 headcount this year,” he said.

Concentrix, a wholly owned subsidiary of SYNNEX Corp., began its operations in the country in 2007 with a single site in Manila. It grew to 45 sites in 2019 in 15 cities nationwide.

The company has centers in Baguio, North Luzon, Cebu, Davao, and Cagayan de Oro, among others.

“Concentrix is fanatical about its clients and staff. We leave no stone unturned in terms of providing the best work environment possible. Being in the customer engagement business, our most important assets are our people. Infrastructure and facilities are designed to work with and around the needs of our staff. So we invest a lot in making every square foot of space comfortable and conducive for our employees to succeed,” Mr. Daoust said.

The new site in Makati City, which has about 24,000 square meters of floor space, operates 24 hours, seven days a week.

The center, which also houses the company’s innovation hub and global command office, currently caters to about 3,000 employees who work in sales, customer service, technical and back office support.

The global clients of Concentrix Philippines are from various sectors, including automotive telematics, communications, utilities, retail, e-commerce, technology, and banking.

“We want to provide state-of-the-art facilities with flexibility in mind. Our spaces are deliberately designed for the perfect blend of functionality, productivity, and creativity. The Ayala North Exchange office offers just that — a new experience — true to the Concentrix brand identity of being different by design,” Mr. Daoust said. — Arjay L. Balinbin

Gelvezon-Tequi’s underlying messages

THE 15 etchings of the Predella series (1984) show a lady seated at a throne. She holds power despite her ignorance of the violence and unrest depicted at the bottom half of the frame.

To create the pieces, artist Ofelia Gelvezon-Tequi first made the illustration on tracing paper. The image was then transferred on a plate and covered with acid-resistant varnish by running through the press. The image would be in reverse once transferred on the plate. To achieve color printing, she exposed parts of the plate to acid in a process called deep biting.

“Sometimes, there are surprises which you can work with. ‘Yung una mong direksyon (Your first direction), because there are surprises, it swerves a bit. And then you go in that other direction. You have to be humble and accept that you cannot control everything. Sometimes, it turns out better than what you have planned before,” Ms. Gelvezon-Tequi told BusinessWorld.

Once the artist is satisfied, the proof, which is called the bon a tirer (press ready), is pulled (printed), signed, numbered.

The final work is a cooled-toned print contrasted by bright colors of the image of violence at the bottom of the frame.

“Prints are not done directly — there is always an intermediate process between my hand and the final work. Not like in a painting, my idea and my hand go directly to the final work,” Ms. Gelvezon-Tequi differentiated.

“You go through a chemical and mechanical process, either you accept it or you erase it,” she said.

“Prints,” the artist emphasized, “are not copies, they are multiple originals.”

RETROSPECTIVE
The artist who now lives in a village 460 k.m. southwest of Paris returned to the Philippines for a retrospective of her works which is on view at the Main Gallery of the Cultural Center of the Philippines (CCP).

A project which started three years ago, Realities & Allegories, Ofelia Gelvezon-Tequi in Retrospect showcases 219 works with subjects ranging from sacred images and religion, to still lives, and her commentary on social issues. The prints and paintings span five decades and explore thematic contexts and modes of art practices. The featured artworks are from private and institutional collections, and the artist’s personal collection.

“[Her] prints are very strong allegorical statements,” said exhibition curator Victoria “Boots” Herrera of the retrospective’s title at a press walkthrough on Feb. 19. “I also realize how she is very much rooted to the realities in the Philippines even though she lives overseas. I thought of putting both words together.”

The exhibition introduces the artist with her self-portraits such as the Sacra Conversazione (1980) which depicts the artist talking to herself and engrossed in reflection.

A unique detail that Ms. Herrera pointed out in a print was that the woman wore nail polish — something that the artist considered wishful thinking since she always got her hands dirty making prints.

At the center of the exhibit are works that comment on socio-political events. There is The Homage to Ambrosio Lorenzetti III (1987), a triptych which is an allegory of good government. The center of the piece has a benevolent ruler surrounded by virtues that the artists wishes for her country.

“My wish is that the magnanimous ruler would be surrounded by virtues [such as] faith, hope, and charity. He should be surrounded by virtues in such a way that you can lie down and feel safe,” Ms. Gelvezon-Tequi said.

Adjacent to the work is Homage II to Ambrosio Lorenzetti 3/25 (1987), an allegory of bad government. “The tyrant is surrounded by vices of vanity, pride, and greed. The visual pun is, he is accompanied by a buwaya (crocodile) and there is a tuta (puppy) at his feet,” she explained. The buwaya and the tuta commonly refer to the greed of politicians and sycophants, respectively, in Philippine culture.

“I would prefer my viewers to look deeper. I want them to see what I am trying to say,” said the artist.

At the end of the gallery are still lifes done in acrylic of furniture, flowers, and fruits from the 2000s. The exhibition extends with her early works done during her student days in Italy in the 1960s posted on the walls outside the gallery.

Ms. Gelvezon-Tequi earned degrees in Fine Arts and English at the University of the Philippines-Diliman. She then earned a diploma in painting at the Accademia di Belle Arti di Roma in Italy and went to the Pratt Institute in New York City to pursue Special Studies in Graphic Arts through a Rockefeller Foundation Scholarship. Among her awards and recognitions are a gold medal for printmaking from the Art Association of the Philippines (1982), and the Pamana ng Pilipino award (2014).

Archival materials on Ms. Gelvezon-Tequi are available for browsing at the CCP Library reading area.

A panel discussion with women printmakers will be held on March 4, 3 p.m., at the Main Gallery with Ambie Abaño, Ivi Avellana-Cosio, Yas Doctor, Imelda Cajipe-Endaya, Henrielle Pagkaliwangan, and Ms. Gelvezon-Tequi. The discussion is open to 20 participants. Interested participants may register at ccp.exhibits@gmail.com. Admission is free.

Allegories and Realities runs at the CCP Main Gallery until May 24. The gallery is open from Tuesday to Saturday, 10 a.m. to 6 p.m. — Michelle Anne P. Soliman

CIMB Bank Philippines looking to double customer base this year

CIMB BANK Philippines is eyeing to double its customer base this year as it continues its platform banking model which relies on partnerships with “digitally savvy” players in the field.

After securing two million retail clients since its 2019 launch as of February for its all-online digital bank, CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said they want to increase their clients to three million this year and even aim for a four-million user base.

“Because we’ve been ambitious last year, we want to be knocking at four million. It’s very ambitious…but we’re putting ourselves out there,” Mr. Manoharan said in a briefing held at Makati on Tuesday.

Mr. Manoharan said their client base is mostly made up of younger users, with some of accounts being these clients’ first bank account.

“Thirty percent of the customers that we have were unbanked. These guys never had a banking relationship in their life and they jumped on to us,” Mr. Manoharan said.

This year, CIMB said it will continue to forge partnerships as part of its strategy to acquire more users through platform banking.

“We have two or three other partners that we’ve already signed… So in the next 30 days, we will probably announce,” Mr. Manoharan said.

“All our partners will be digitally-savvy partners. Our partners will all be doing something digital,” he added.

In a previous interview, Mr. Manoharan said areas or industries they look to tie up with would include e-commerce, travel, transportation, and even groceries where customers engage.

The Malaysian bank’s current partnerships include its tieup with CIS Bayad Center, Inc. which allows Bayad Center customers to avail of the loan and savings products of CIMB through the Bayad Center app.

It also has a partnership with GCash which allows the latter’s users to directly transfer their savings into CIMB through the GCash App.

Mr. Manoharan said they are coming up product offerings geared towards the small and medium enterprises (SME).

“I want to make it a bit of surprise, it will happen in 2020. We are going to do something in the [SME] space this year,” he said.

Mr. Manoharan previously told BusinessWorld that they have been studying the pain points and opportunities of expanding their loan portfolio to SMEs. — Luz Wendy T. Noble

Cebu Landmasters starts Bohol project

CEBU Landmasters, Inc. (CLI) has launched a new residential project in Bohol that it expects to generate revenues of more than P900 million.

In a statement Tuesday, the listed property developer said it is strengthening its market hold in the Visayas and Mindanao regions with the construction of a 204-unit development in Dauis, Bohol.

The property will carry the Velmiro brand and will be named Velmiro Greens Bohol, and offer townhouse and single-detached units with sizes ranging from 60 to 100 square meters.

CLI is targeting the growing mid-market segment in Visayas and Mindanao for the project as it will be built within a 3.6-hectare gated community. Velmiro Greens Bohol is set for completion by 2023.

“Our buyers feel they are getting great value for their money and this has resulted in good takeup rates across all our Velmiro projects,” Jose R. Soberano III, chairman and chief executive officer of CLI, was quoted as saying in the statement.

Velmiro is one of CLI’s brands for residential subdivision projects, noted for having open spaces, landscaped parks, a swimming pool, a multi-level clubhouse with function rooms, fitness gym, basketball court and playground.

Other Velmiro projects by CLI are Velmiro Heights in Cebu, Velmiro Plains Bacolod and Velmiro Uptown Cagayan De Oro. The company said the Velmiro brand accounted for 37% of its total sales last year.

Last week, CLI said it was driven by the “economic dynamism, resilience and social growth” of the Visayas and Mindanao (VisMin) regions, hence its continuous investment in the area.

Citing a market study by real estate consultancy firm Santos Knight Frank, CLI said it is the top developer of residential projects in the VisMin area with a 12% market share, beating Sta. Lucia Land, Inc. and Vista Land and Lifescapes, Inc. (tied at second with 8% market share), Avida Land Corp. (5% market share) and Filinvest Land, Inc. (4% market share).

“Our expertise and relationships in the region have allowed us to maximize those opportunities and have served as drivers of the firm’s consistent growth,” Mr. Soberano said.

CLI booked a 77% growth in net income to P1.65 billion as of September 2019, driven by a 61% surge in revenues to P5.95 billion. Its shares at the stock exchange closed higher by 10 centavos or 2.23% to P4.59 apiece on Tuesday. — Denise A. Valdez

Broadway’s radical new West Side Story paints an angry young America

By Brian Shaefer, Bloomberg

IN SPRING 2016, Belgian theater director Ivo van Hove was in New York, preparing his Broadway production of Arthur Miller’s The Crucible. Between rehearsals, he found himself captivated by the crowded and chaotic Republican presidential primaries. Like the rest of the country, he watched in awe as Donald Trump moved from the sidelines to center stage in a drama as startling as Miller’s.

Mr. Van Hove realized that the issues bubbling up in the campaign — racism, immigration, issues of integration, tribal loyalty — were all in a certain 1957 musical. “I thought: Well, West Side Story talked about this in a very accessible way,” he says. “With great music.” After directing a string of critically acclaimed reinterpretations of American classics, including A View from the Bridge and A Streetcar Named Desire, among others, he decided the Shakespearean story of star-crossed lovers in midcentury New York would come next.

One presidential election cycle later, Van Hove’s West Side Story opened on Feb. 20 at the Broadway Theater in a production that feels as urgent as its themes, thanks to a slimmed one-act structure and video projections that leave the vast stage bare for hurricanes of dancers to blow through. (The production will precede Steven Spielberg’s big-screen remake of the 1961 Academy Award-winning film adaptation, due in December.) Six decades after its debut, it seems West Side Story is again the story of our time.

REINVENTING A TREASURE
Back in 2016, after Trump secured the nomination, Van Hove took his vision to producer Scott Rudin, who liked it. But Van Hove had a few conditions. “I want to make a West Side Story for the 21st century,” he told Rudin. “Not a recreation of what it was in the ’50s.” In particular, that meant new choreography.

New moves are hardly a radical request for your typical musical revamp, but the choreography for West Side Story by Jerome Robbins, a dance and theater legend who also conceived and directed the show, is sacred. It may be the most celebrated in American musical theater, thanks largely to the success of the film Robbins co-directed with Robert Wise. Think of those crisp, menacing finger snaps; the hungry, open palms reaching skyward; and Rita Moreno as Anita, spiritedly tossing back her head at the ecstasy of being in America.

“There had been ambitious dances integral to a show’s plot before,” wrote dance historian Deborah Jowitt in her biography of Robbins, “but none in which dance is a way of defining character from the outset.”

Eyebrows were raised, then, when Van Hove brought on board choreographer Anne Teresa De Keersmaeker, a compatriot who traces her dance lineage to the American post-modernists, an influential group that, beginning in the 1960s and ’70s, eschewed spectacle in favor of such pedestrian movements as walking and shrugging. In the early 1980s, while Robbins was prolifically creating work for New York City Ballet uptown, De Keersmaeker, who lived in New York for a time, was downtown absorbing the ethos of abstraction from such artists as Trisha Brown and Yvonne Reiner. (She also saw Cats on Broadway, which was not her thing.) Van Hove says he invited her to do the show because “her dance is deeply rooted in New York.”

De Keersmaeker was intrigued by Van Hove’s invitation — and cautious. “I could only accept [the project] if I was allowed to relate to my own past and vocabulary and way of working,” she says. De Keersmaeker calls herself a formalist, meaning she pays more attention to patterns and spatial relationships than to character and story. That philosophy is clear at the start of this production: Instead of launching straight into the famous, 10-minute, wordless opening ballet, De Keersmaeker scraps the snaps and introduces characters through grim-faced posturing and subtle shifts in balance, projecting their power through stillness, rather than motion.

But musical theater audiences aren’t as patient as the ones who go to concert dance. They expect excitement. “I was not used to thinking in those terms,” she explains. “I had to sharpen my pencil. I learned a lot.” She had to find a way to mix abstraction with the plot’s emotional demands. One vivid example comes at the conclusion of “Tonight,” a ballad sung shortly after protagonists Maria and Tony first meet. De Keersmaeker creates a tableau fit for a Renaissance painting in which the lovers are held back by their respective clans as they fight to connect. It’s a simple, nearly still, poignant image that casts a shadow of foreboding over what is usually the show’s uncomplicated romantic apex.

A VAST SCREEN — AND YOUTUBE
Frequently in this production, the entire back wall becomes a movie screen, sometimes capturing live scenes on or just off stage. At other times, the camera tracks along empty New York streets (vacant until we stumble upon a dreamlike, distant dancing figure). There are prerecorded images of the actors up close, which serves to supersize their emotions. At times, it can be difficult to know where to look, or challenging to focus on the human bodies dwarfed by their amplified images; yet, for better or worse, the method may speak to young audiences in the digital language they know best.

De Keersmaeker herself turned to YouTube, which she calls “the hugest dance library,” to study forms of urban dance such as hip-hop, house, krumping, and Latin dance styles. “There are so many styles that we’re doing,” says Dharon E. Jones, who plays Riff, the Jets’ leader. “It speaks to the melting pot of people in the show, the melting pot of people in New York, and bringing all those backgrounds onto the stage.” For the raucous “Dance at the Gym,” for example, the opposing gangs assert their dominance through artful strides and assertive leaps in their own ways: The Sharks use more Latin steps; the Jets employ house dance footwork and floorwork.

These styles were not part of De Keersmaeker’s own physical vocabulary, so she and Van Hove brought in veteran Broadway choreographer Sergio Trujillo and Patricia Delgado, a ballerina from Miami, as consultants. They spent days with the cast adding Latin and house dance details — decorative moves for the arms and hips — that De Keersmaeker then integrated into her style.

That process stemmed from conversations around identity and representation, which, in many ways, are baked into the DNA of Arthur Laurents’s original book and Stephen Sondheim’s original lyrics (Jets member Anybodys was already genderqueer in the film), and De Keersmaeker and Van Hove updated and heightened it in their version. This revival’s casting became a statement of its values and added an important insight: Both Sharks and the Jets are multi-hued gangs to such a degree that they become indistinguishable at times.

BLURRING COLOR LINES
“I never saw myself playing a Jet, because I thought they’d always be white,” Jones says. “I never thought there’d be black people or Asian people as Jets. It’s special that people of color are playing all parts in West Side Story.” The blurring of the previously firm lines between the gangs highlights their shared experiences. As De Keersmaeker describes it: “They’re both immigrants. And they’re both asking for recognition. And they’re both facing poverty.”

This is starkly illustrated in the musical number “Officer Krupke,” which the Jets sing about a local policeman who’s been harassing them. In the film, it’s practically a gag number; in this revival, it becomes a screed against police brutality and mass incarceration. During rehearsals, the creative team initiated a dialogue about those issues, inviting cast members to share their experiences and perspectives.

“They encouraged us to bring ourselves to the show so the team can speak to the audience,” Jones says. “It means the world to us.” “Officer Krupke” may be the show’s most radical update, more than its new choreography — in a way, the show’s thesis. “It’s about the structural abuse of institutions, the police, the justice system, the social system, the health-care system,” Van Hove says. “It was very clear that this was a very political song.”

And it helps drive home the idea that the issues the show grapples with — the toxic camaraderie that comes with shared hatred, the demonization of difference — are issues waiting for viewers right outside the theater. Now, in 2020, another combative presidential election is in process. The man who once stood on the periphery of the debate stage is well-poised for reelection. And two Belgian artists have reimagined a quintessentially American story to confront new audiences with the tragedy at its heart.